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Gas prices bring good news for New Jersey

Close-up of a gasoline pumps nozzles in a petrol station

With the hurricane season winding down, the post-Harvey gas price spike has also been receding.

Tom Kloza of the Oil Price Information Service says prices have stabilized lately, even though crude oil prices have risen.

“I do not think that you are going to see gasoline prices move higher,” he says.

“The problem is that it seems quite expensive, compared to a year ago when we were paying $2.02, but probably most people were filling up for lass than $2.”

Kloza says the average in New Jersey right now is about $2.45-a-gallon, down from a high of about $2.60 right after Harvey. But he says we will not see a return to $2 gas anytime soon “unless we see some sort of dissolution of some of these alliances between OPEC (Organization of Petroleum Exporting Countries) and Russia.”

“The crude oil market is really at its highs for the year, and it is considerably higher by about 6 or 7 or 8 dollars a barrel than it was a year ago. You take that into effect, along with the tax increase that occurred in November of last year, and you have the rationale for slightly higher prices.”

But Kloza says Jersey could see further downward drift to $2.30 or $2.20.

LOWEST PRICES: Find the best deals on gas in New Jersey

Joe Cutter is the afternoon news anchor on New Jersey 101.5

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